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Category: News

  • Foreigners earning more from mining than Nigerians, says Akpabio

    Foreigners earning more from mining than Nigerians, says Akpabio

    Senate President Godswill Akpabio on Tuesday, May 7, lamented that foreigners are earning more from mining the nation’s solid minerals than Nigerians.

    Akpabio made this assertion in his speech before declaring open a three day investigative hearing on: “The need to comprehensively review the input and output values of the Nigeria mining industry in the light of its general role to economic diversification, foreign exchange earnings and social inclusion” in Abuja.

    The public hearing was organised by the Senate Committee on Solid Minerals Development chaired by Senator Sampson Ekong (PDP – Akwa Ibom South.

    Akpabio further said that the foreigners after exploitating the solid minerals and benefiting from them maximally, often leave behind a tale of woes including insecurity.

    He said time has come for the country to benefit from the mining sector while challenging stakeholders at the event to discuss the challenges that have hindered the growth of the mining sector and come up with a way forward.

  • Comedian Seyi Law knocks Tinubu government over Cybersecurity Levy

    Comedian Seyi Law knocks Tinubu government over Cybersecurity Levy

    Comedian Seyi Law has taken to social media to knock the Tinubu administration over the new cyber security levy.

    The Central Bank of Nigeria (CBN) had issued a directive to all banks and financial institutions to implement a cybersecurity levy on banking transactions.

    This new levy, set at 0.5% of the value of all electronic transactions, was in response to the escalating concerns over cyber threats and follows the guidelines of the recently enacted Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024.

    Reacting to the development, Seyi Law wrote:

    “I hate when government agencies don’t speak up to the understanding of the citizens and allow wrong narratives to fester before tackling it. Cybersecurity level, according to the act, is 0.005%, and different figures from 0.5% to 3% are being thrown around.

    “A 0.5% charge in the Nigeria of today is in itself too much punishment on Nigerians. Are we trying to discourage banking transactions again and encourage cash keeping? @cenbank should revisit this abeg.

    “Stamp duty is something, and now this. It is unacceptable. @NGRPresident @officialABAT, let the poor breathe. When will the new minimum wage be announced and implemented? Some of your ministers need to look for another job. One year is here and we are counting”.

  • Senate Forms Ad-hoc Committee to Investigate Delayed $18.5 Billion Abuja Centenary Economic City Project

    Senate Forms Ad-hoc Committee to Investigate Delayed $18.5 Billion Abuja Centenary Economic City Project

    Amid mounting concerns over the prolonged delay in completing the $18.5 billion Abuja Centenary Economic City project, the Senate has taken decisive action by establishing a 7-member ad-hoc committee. Tasked with unraveling the factors impeding the project’s progress a decade after its commencement, the committee aims to conduct a comprehensive investigation.

    In a bid to expedite the project’s completion and ensure adherence to the original public-private partnership agreement, the Senate has directed the committee to review the agreement and propose amendments if deemed necessary. Additionally, the Federal Government has been urged to prioritize the revival of the Abuja Centenary City project by extending essential support and resolving regulatory hurdles.

    The impetus for these actions was a motion titled “Urgent need to revive and complete the stalled Centenary City Project, Abuja to realize its economic and development potential,” sponsored by Senator Oyelola Ashiru of Kwara South (APC).

    Senator Ashiru underscored the significance of the project, which was conceived in 2014 to commemorate Nigeria’s centenary through the creation of a modern city akin to Dubai. Envisioned as an economic powerhouse, the Abuja Centenary Economic City was poised to generate employment, accommodate residents, and attract visitors on a grand scale.

    Despite the initial optimism and substantial investment, the project has languished for nearly a decade, achieving only minimal progress. Senator Ashiru cited an independent investigation assessment from November 2023, which revealed a stark disparity between the project’s current status and its ambitious vision.

    The regulatory and implementation challenges have further exacerbated the project’s stagnation, prompting Senator Ashiru to emphasize the urgent need for intervention. He cited the success of similar ventures, such as the $6 billion Eko Atlantic City development project in Lagos, as a testament to the transformative potential of well-executed urban projects.

  • Senators’ Discontent Over Refurbished Chamber Echoes Amidst Senate Proceedings

    Senators’ Discontent Over Refurbished Chamber Echoes Amidst Senate Proceedings

    Complaints by Senators on their refurbished Chamber continued Tuesday, a week after bickerings about sitting arrangements.

    Recall that Senate plenary was last week Tuesday, marred by complaints made by some senators on sitting arrangements in the renovated chamber.

    The complaints led to a rowdy session which lasted for about 15 minutes and eventually forced the Senate into executive session.

    A week later, issues on alleged inadequacies in the Chamber were again raised, specifically by the Whip of the Senate, Senator Ali Ndume (APC Borno South).

    Senator Ndume, who raised the issues through Order 42 of the Senate Standing rules, said what was supposed to be a Chamber has been turned into a conference hall, which, according to him, is not acceptable.

    “Mr. President, I rise to make disturbing observations on this supposedly renovated chamber through order 42 that deals with personal privileges.

    “Since day one, precisely last week Tuesday when we moved into this Chamber that was supposed to have been renovated, there have been complaints here and there.

    “First was on sitting arrangements, followed by echoing of voices by microphones that are even not audible. No voting device, required facilities not yet provided.

    “We need to correct all these anomalies for the Hallowed Chamber to be what it is supposed to be,” he said.

    Concurring to Ndume’s observations, the President of the Senate, Godswill Akpabio, in his response, said the observations were well noted and the point of order was upheld.

    He, however, explained to Ndume that complaints on sitting arrangements among Senators have been sorted out 99.9%, just as he reminded him that the contract for the renovation work was not done by the 10th National Assembly.

    “This is not our contract and not even National Assembly contract but that of the Federal Capital Development Authority (FCDA), the landlord of the National Assembly Complex.

    “Observations on inadequacies in the renovated chamber are welcome from time to time for required perfection but what we should be aiming at in the long run is for us, as federal lawmakers, to have proper autonomy on the National Assembly Complex and not continue as tenants of FCDA,” he said.

  • Central Bank of Nigeria Mandates Registration of All PoS Operators with CAC

    Central Bank of Nigeria Mandates Registration of All PoS Operators with CAC

    In a bid to tackle fraudulent activities and bolster transparency within the financial sector, the Central Bank of Nigeria (CBN) has issued a directive requiring all point-of-sale (PoS) operators to register with the Corporate Affairs Commission (CAC) within a two-month timeframe.

    According to reports, PoS terminals have been implicated in a significant portion of fraud incidents, accounting for a staggering 26.37% of such cases in 2023 alone. This move by the CBN seeks to address these concerns and ensure the integrity of transactions conducted through PoS systems.

    With Nigeria boasting 1.8 million PoS agents as of 2022, the directive mandates that all operators must undergo registration with the CAC to continue conducting business in the country.

    The announcement came following a meeting between representatives from the fintech industry and Hussaini Magaji (SAN), the Registrar-General/Chief Executive Officer of the CAC, held in Abuja on Monday, May 7th. Magaji emphasized that the registration deadline of July 7th is in accordance with legal obligations and aligns with the directives of the CBN.

    “The Corporate Affairs Commission and Fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria,” stated Magaji.

    The collaborative effort between the CAC and fintech companies underscores the commitment to regulatory compliance and the promotion of a secure financial ecosystem in Nigeria.

  • France Speaks On Plan To Set Up Military Bases In Nigeria

    France Speaks On Plan To Set Up Military Bases In Nigeria

    The French Government has said there are no discussions between France and Nigeria to establish military bases in the country.

    Recall that some eminent Northern leaders and Civil Society Organisations cautioned President Bola Tinubu against allowing the United States and the French governments to relocate their military bases from the Sahel to Nigeria.

    In a letter to Tinubu and the leadership of the National Assembly, the leaders urged the government to resist pressures from the US and France.

    They questioned the benefits of foreign military bases, particularly noting the lack of effectiveness in curbing terrorism in the Sahel region despite the presence of American troops and intelligence personnel in Niger.

    However, in an interview with The Punch, the Head of Communication at the French Embassy in Nigeria, Onyinye Madu, said there was no such plan to establish any military base in the country.

    Madu added that no discussions have taken place or are planned between France and Nigeria regarding the relocalisation of military bases.

    She said, “The French Embassy in Nigeria would like to point out that contrary to the claims made in the open letter quoted in the article, no discussions have taken place or are planned between France and Nigeria regarding the relocalisation of military bases.”

    Also, the Federal Government, on Monday, clarified that there were no discussions with foreign countries regarding the establishment of foreign military bases in Nigeria.

    The Minister of Information and National Orientation, Mohammed Idris, made the clarification in a statement he signed on Monday.

  • Electricity tarrif : NLC, TUC insist on Sunday deadline to reverse hike

    Electricity tarrif : NLC, TUC insist on Sunday deadline to reverse hike

    Nigeria Labour Congress(NLC) and Trade Union Congress of Nigeria(TUC) have given the Nigerian Electricity Regulatory Commission(NERC) till May 12 to withdraw the recent hike in electricity tariff or face unprecedented industrial action.

    The ultimatum was issued in a joint letter to the Chairman/Chief Executive Officer, CEO, was copied to the Secretary to the Government of the Federation, SGF, the Ministers of Labour and Power and the electricity distribution companies, DisCos, among others, Joe Ajaero and Festus Osifo, President of NLC and TUC respectively.

    The letter read: “This is to refer you to our May Day address where we expressed grave concerns regarding the recent announcement of an astronomical hike in electricity tariff across the nation from N65/kWh to N225/Kwh by your commission.

    ‘’We believe that this decision is not just morally reprehensible considering the difficulties Nigerians are faced with currently, but it blatantly disregards fundamental principles and statutory obligations.

    ‘’It is a slap in the face of justice and fairness, and we will not stand idly by as the masses and workers are subjected to such unacceptable exploitation.

    “As the regulator of the electricity sector, it is imperative that your commission grasps the weight of its responsibilities. NERC’s role entails the regulation of electricity tariffs in the country, a duty outlined in explicit detail within the statutes governing the commission.

    ‘’Yet, with this recent tariff hike which you have acquiesced, it is evident that the Commission has forsaken its duty and abandoned the people it was meant to protect to the fat cats in the electricity industry.

    “We are miffed that NERC has become a tacit collaborator in crafting the oppressive pricing regime being perpetuated against Nigerian workers and people. The Laws that set up the commission mandate it to act as an unbiased ombudsman in the electricity industry. ‘’Unfortunately, the reverse is the case as it has acted in cahoots with the Distribution Companies, DisCos and the Generating Companies, GenCos, to promote their nefarious market practices.

    “The announced tariff hike not only defies the established procedure mandated by law but also tramples upon the rights of Nigerian citizens. It is a flagrant abuse of power and a clear violation of the trust bestowed upon your commission by the Nigerian people. Such actions will not be tolerated, and we refuse to accept them as the new norm.

    “Nigerian workers and masses led by the Nigeria Labour Congress, NLC, and the Trade Union Congress of Nigeria, TUC, stand united in denouncing this injustice. We must defend the rights of our fellow citizens against exploitation.

    “Therefore, we demand an immediate reversal of the hike in electricity tariff to N65/kwh, immediate cessation of the discriminatory practice of segregating electricity consumers into arbitrary bands, and restoration of the supremacy of the statutes governing the conduct of operators within the electricity industry.

    “We give you until Sunday, May 12, 2024, to comply. Failure to do so will result in swift and decisive action on our part as we will not hesitate to mobilize our members and occupy all NERC’s offices and those of the DisCos nationwide until justice is served.”

  • Ikeja Electric slashes tariff for Band A customers

    Ikeja Electric slashes tariff for Band A customers

    Ikeja Electric Distribution Company (IE) Monday, revealed that it has reduced it’s electricity tariff for customers under Band A from N225/kWh to N206.80/kWh.
    This was made known through a circular by the management of the company on its “X”(Formerly Twitter) page on Monday.
    Specifically, it said the customers will now pay N206.80/kwh as against the N225/kwh ordered by the Nigeria Electricity Regulatory Commission (NERC).
    According to the statement, IE guaranteed to provide 20 to 24 hours of electricity to users under this Band, adding that the tariff for customers under other categories will remain the same.

    It said: “Dear Esteemed Customers, Please be informed of the downward tariff review of our Band A feeders from N225/kwh to N206.80/kwh effective 6th May 2024 with guaranteed availability of 20-24hrs supply daily.
    “The tariff for Bands B, C, D, and E remains unchanged.”

  • Three Edo assembly lawmakers suspended over impeachment plot

    Three Edo assembly lawmakers suspended over impeachment plot

    The Edo House of Assembly on Monday suspended three lawmakers over alleged plot to impeach the speaker and other principal officers.

    The speaker, Blessing Agbebaku, announced the suspension at resumption of plenary in Benin.

    Mr Agbebaku alleged that Donald Okogbe (PDP Akoko-Edo II), Bright Iyamu (PDP-Orhionmwon South) and Adeh Isibor (PDP-Esan North East I) were being used by some external forces to cause chaos and remove the leadership of the parliament.

    The pronouncement led to a rowdy situation at the parliament as the lawmakers tried to challenge their suspension.

    “Mr speaker, you don’t have the right to unilaterally suspend any member of the house. You must call for votes,” the opposing legislators said. “Allow members to vote on the matter.”

    The speaker thereafter adjourned plenary abruptly.

  • FG Registers New Trade Union 

    FG Registers New Trade Union 

    The Federal Government has registered a new trade union.

    This means that illegal price fixing and exploitation of customers in Nigerian markets may soon be a thing of the past.

    These are some of the roles members of the newly registered National Union of Market Trade of Nigeria are to perform as workers.

    At its executive inauguration, officials of both the Ministry of Labour and Employment, and, the Nigeria Labour Congress, NLC however told the new union to avoid clashes with related workers groups and government established agencies in the market.

    The National Union of Market Trade of Nigeria is the latest affiliate of the NLC and with this latest addition, the labour centre now has 46 affiliates.